File ITR for Business/Profession Income
Profits and gains arising out of business and profession are filed under the head of “income from business and profession” in the Income Tax Act. The activity of selling and purchasing goods to make a profit is known as a business.
- The working mechanism of Doctors, lawyers, teachers, etc. is a profession where a particular intellectual skill set is required to carry out the work.
- Vocation refers to work that requires special skill to be carried out, for example, a painter, writer, singer, dancer, etc. Under the Income Tax Acts, there is no difference between business, profession, and vocation for tax purposes.
- Business involves trade, commerce, and manufacturing, while a profession can be referred to as a vocation, or job requiring skill or special knowledge.
| Expenses Allowed | Under Section | Expenses Disallowed | Under Section |
| Rent, rates, taxes, repairs, and insurance | 30 | Expenditure on advertisement, wealth tax, contribution to unrecognized provident fund | 40 (a) |
| Repairs & insurance of machinery, plant & furniture | 31 | Tax levied on profits and gains | 40 (a) |
| Depreciation on assets | 32 | Payment on which TDS is not deducted | 40 (a) |
Business income from rental income in the case of dealer in property, dividend on shares in case of a dealer in shares, and winning from lotteries do not come under this head into the Income Tax Acts.
How TaxDunia File Your ITR?
- After Taxpayers have logged in to our platform, give us primary information so that we can know your requirements better
- Then you have to provide us with all the documents required for the particular service (as mentioned above in the article)
- Now it is time to pay the service fee which is auto-calculated based on the questions we asked you earlier
- As soon as the payment is made, TaxDunia assigns an expert to the client
- The expert evaluates the documents and starts the procedure on the respective government portal on behalf of the client
- If any specific documents are required later, the expert will communicate to you directly
- Based on the complexity of the task, the government sends approval for the aforesaid service
Our team is available from 10 AM to 7 PM on working days (Monday to Saturday), except public holidays. The expert is not responsible for the authorities’ judgment.
We keep the client informed about the current updates to make the procedures transparent. Credibility and confidentiality matter to us. Today is the most suitable day to start with TaxDunia.
